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Insurance UK

  • September 26, 2018

    Aegon Merges Units To Raise Capital, Offset US Tax Reform

    Aegon NV will boost its capital reserves by $1 billion and strengthen its position under Europe’s Solvency II directive after it merges two units in the U.S., the Dutch insurance giant has said.

  • September 26, 2018

    27% Of Brokers 'Unaware' Of New EU Regs, Insurer warns

    More than a quarter of British insurance brokers remain “completely unaware” of sweeping new European Union sales rules that enter into force in five days, an insurance company warned on Wednesday.

  • September 26, 2018

    BOE Pushes Banks To Set Out Risk Plans For Climate Change

    The Bank of England said Wednesday it will push U.K. lenders to step up efforts to prepare for what could be significant financial threats arising from climate change.

  • September 26, 2018

    Senior Lawmaker Warns Financial Sector Faces Brexit Damage

    A senior British lawmaker warned on Wednesday that the growing likelihood of a no-deal Brexit on March 29 would have a profound impact on the country’s financial services industry, adding that policymakers and regulators must devise equivalence regimes to stave off the worst effects.

  • September 26, 2018

    Pension Bosses Banned For 34 Years After £57M Transfers

    Four company directors have been disqualified for a total of 34 years after they helped transfer more than £57 million ($75 million) of pension savings into questionable investments, the U.K. Insolvency Service said Wednesday.

  • September 25, 2018

    SFO General Counsel To Leave For Kingsley Napley

    Kingsley Napley LLP announced Tuesday that the Serious Fraud Office’s chief lawyer will join the firm as a partner, bringing with him extensive experience as a criminal litigator and prosecutor.

  • September 25, 2018

    Fraudsters Skim £503M Off UK Accounts In 1st Half Of 2018

    British financial firms saved customers from losing £706 million ($929 million) to fraudsters in the first half of 2018, but criminals were still able to siphon off £503 million using deceptions ranging from investment and romance scams to impersonating banks or authorities, according to an industry study.

  • September 25, 2018

    UK Pension Trusts Accused Of Erratic Investment Decisions

    Britain's multiemployer pension trusts, which serve almost 10 million savers, are swinging between overly cautious investments and excessive risk-taking and are threatening members’ retirement incomes, a consultancy warned on Tuesday.

  • September 25, 2018

    IBM To Face 2020 Trial Over Insurer's $171M IT Project Claims

    IBM is set to go on trial in a London court in 2020 to defend itself against a £130 million ($171 million) lawsuit brought by a U.K. insurer accusing the technology giant of chronic delays and defective accounting over the installation of a new information technology system.

  • September 25, 2018

    Standard Chartered Says It Will Stop Funding New Coal Plants

    Standard Chartered PLC announced on Tuesday that it will no longer provide financing for new coal-fired power plants, as the bank joins other lenders and insurers taking steps to move away from fossil fuels in a bid to combat climate change.

  • September 25, 2018

    Credit Insurers Face Record Claims After Carillion Collapse

    Credit insurers in Britain paid out a record £1 million ($1.3 million) every day in the second quarter of 2018, it was revealed on Tuesday, driven largely by contracting giant Carillion PLC defaulting on its bills after it collapsed in January with a huge pension deficit.

  • September 24, 2018

    Barclays Boss Challenged Over PPI Fraud Claim

    The chairman of Barclays PLC came under fire on Monday after he claimed that mis-sold payment protection insurance, which has cost banks billions of pounds in compensation, is turning many Britons into fraudsters.

  • September 24, 2018

    Drivers Headed For Brexit Red Tape On Insurance, UK Warns

    British motorists will need to secure international insurance certificates to drive in the European Union if the U.K. crashes out of the bloc in March without a Brexit deal, the Department for Transport warned on Monday.

  • September 24, 2018

    Adviser's Pension Loss Defense Is 'Hopeless,' Ex-Clients Say

    Two businessmen suing their former financial adviser for nearly £3.5 million ($4.6 million) in alleged pension losses have hit back at its attempts to dodge the suit, saying its suggestion that it was not required to provide advice on a tax deadline is “hopeless.”

  • September 24, 2018

    Travers Smith Boosts London Office With Derivatives Hire

    International law firm Travers Smith LLP has hired a derivatives and finance attorney from Sackers LLP, a pensions specialist, to join its London office.

  • September 24, 2018

    Insurer Simplifies Claims Process For Sexual Abuse Victims

    A leading insurer for charities and churches said Monday it has simplified its claims process for policyholders and alleged abuse victims to reflect lessons learned during the U.K.’s sweeping inquiry into child sexual abuse.

  • September 21, 2018

    Pensions Regulator Trebles Fines To £42M In A Year

    Britain's pensions regulator more than trebled the amount it handed out in fines in the year to March compared with the previous 12 months, even before it pledged in May to be "clearer, quicker and tougher," new data showed on Monday.

  • September 21, 2018

    UK Litigation Roundup: Here's What You Missed In London

    The last week has seen a London no dealing desk sue Merrill Lynch for breach of fiduciary duty, more competition claims against Visa and MasterCard and a German shipper bring a suit against Axa and other insurers.

  • September 21, 2018

    Major Fraud Prosecution Win May Foretell A Bolder FCA

    The Financial Conduct Authority’s recent success in securing lengthy prison sentences for six boiler room scammers signals a step for the regulator in the direction of a wider range of criminal prosecutions using more creative investigations.

  • September 21, 2018

    Ex-SFO Prosecutor Joins Cohen & Gresser’s London Office

    International law firm Cohen & Gresser LLP has enticed a former U.K. Serious Fraud Office prosecutor to join its white-collar defense group in its London offices.

Expert Analysis

  • GDPR Is Here — What If You Didn't Prepare?

    Joseph Facciponti

    Businesses that are only now waking up to the reality of the EU General Data Protection Regulation, which took effect on Friday, must prioritize their compliance efforts to mitigate potential regulatory risks as they work quickly to achieve full compliance, say Joseph Facciponti and Katherine McGrail of Murphy & McGonigle PC.

  • GDPR — Coming Soon To A Merger Near You

    Emma Flett

    Beginning May 25, European regulators will be able to enforce the EU General Data Protection Regulation. The possibility of enforcement means the GDPR will now have greater bearing on M&A activity in the U.S. and elsewhere, say Emma Flett and David Higgins of Kirkland & Ellis International LLP.

  • 4 Questions About Whistleblowing In The UK And Beyond

    Chris Warren-Smith - high res.jpeg

    Following the U.S. Securities and Exchange Commission's announcement of its biggest-ever Dodd-Frank whistleblower awards, Chris Warren-Smith of Morgan Lewis & Bockius LLP discusses whistleblowing in financial service industries in different jurisdictions with other Morgan Lewis attorneys based all around the world.

  • Obtaining DPAs In The UK Will Not Be Easy

    Azizur Rahman

    In a recent speech, the U.K. Serious Fraud Office's joint head of bribery and corruption, Camilla de Silva, made it clear that deferred prosecution agreements will not be given out to each and every company seeking one. Self-reporting, internal investigation, cooperation and reform are all factors that the SFO assesses to determine which companies deserve DPAs, says Azizur Rahman of Rahman Ravelli Solicitors.

  • Lessons From 4 Recent Athlete Insurance Lawsuits

    Richard Giller

    This month, former University of Arkansas star running back Rawleigh Williams III sued Lloyd's of London, seeking to recover $1 million under a permanent total disability insurance policy. This is one of several recent cases shining a spotlight on the murky world of specialized athlete policies and the brokers who procure such policies, says Richard Giller of Reed Smith LLP.

  • Raising Issues In UK Preliminary Hearings Can Be Risky

    Galina Usorova

    The hearing of preliminary issues in LIC SAR & Empreno Ventures v. VTB Capital provides important insight into the range of issues that U.K. courts might consider hearing at the preliminary stage, and serves as a warning about potential wasted costs when engaging with complex matters in preliminary hearings, say Galina Usorova and Philip Gardner of Peters & Peters Solicitors LLP.

  • 3rd-Party Litigation Finance In UK: To Brexit And Beyond

    Daniel Spendlove

    Despite potential market volatility, England's preeminence as a global litigation center will likely survive post-Brexit. Therefore, the litigation funding sector looks poised to benefit from new opportunities in this jurisdiction and abroad, say Daniel Spendlove and Johnny Shearman of Signature Litigation LLP.

  • Can D&O Policies Enhance Presumption Of Innocence In UK?

    Francis Kean

    The presumption of innocence allows U.K. directors access to company indemnities and directors and officers liability insurance when they defend against criminal proceedings. Despite some doubts, the presence of repayment extension in D&O policies should provide directors with additional reassurance, says Francis Kean of Willis Towers Watson.

  • Litigation Funding Is On The Rise In Europe

    Klaus Oblin

    The rising popularity of litigation funding across Europe is a positive force for litigation and arbitration proceedings, but its growth and influence should be carefully managed, say Klaus Oblin and Florian Wettner of IR Global.

  • Judging The Financial Conduct Authority 5 Years On

    David Rundle

    The U.K.'s Financial Conduct Authority, 5 years old this month, has had significant success in securing record financial penalties against firms in relation to misconduct, but it remains to be seen whether it will be able to hold senior individuals to account, says David Rundle of WilmerHale.